Schedule-fa-foreign asset disclosure
This query is : Resolved
01 October 2015
If a person has sold foreign shares and has earned capital gains on the same.
Q1:
Should this be reported under Schedule FA->Details of any other capital asset-> Income derived from the asset.
Q2:
If yes, then will profit as per books will be taken or capital gains as per income tax shall be considered?
Q1:
Should this be reported under Schedule FA->Details of any other capital asset-> Income derived from the asset.
Q2:
If yes, then will profit as per books will be taken or capital gains as per income tax shall be considered?
CA Mohit Bansal
(Expert)
05 October 2015
Answer to both the questions is yes
08 November 2015
Thanks for answering my first question. However, which profit amount will be considered. book profit or taxable capital gain as per ITR
08 November 2015
Thanks for answering my first question. However, which profit amount will be considered. book profit or taxable capital gain as per ITR
23 July 2025
Regarding **Schedule FA (Foreign Assets) disclosure** and reporting capital gains on foreign shares:
### Q1:
**Should the sale of foreign shares and capital gains be reported under Schedule FA, in "Details of any other capital asset - Income derived from the asset"?**
**Answer:** Yes, it should be disclosed under Schedule FA because you need to report foreign assets and income derived from them.
### Q2:
**Which amount will be considered — book profit or taxable capital gain as per Income Tax Return (ITR)?**
**Answer:** The **taxable capital gain as per Income Tax law** will be considered for income tax purposes, not the book profit. Schedule FA is meant to disclose assets and income, but for tax computation and assessment, the capital gains as calculated under the Income Tax Act (after exemptions, deductions, etc.) will be relevant.
---
**Summary:**
* Disclose the foreign shares and capital gains in Schedule FA.
* For tax liability, consider the taxable capital gains as per Income Tax law, not just book profit.
If you want, I can help you with the exact format or example entries for Schedule FA. Would you like that?
### Q1:
**Should the sale of foreign shares and capital gains be reported under Schedule FA, in "Details of any other capital asset - Income derived from the asset"?**
**Answer:** Yes, it should be disclosed under Schedule FA because you need to report foreign assets and income derived from them.
### Q2:
**Which amount will be considered — book profit or taxable capital gain as per Income Tax Return (ITR)?**
**Answer:** The **taxable capital gain as per Income Tax law** will be considered for income tax purposes, not the book profit. Schedule FA is meant to disclose assets and income, but for tax computation and assessment, the capital gains as calculated under the Income Tax Act (after exemptions, deductions, etc.) will be relevant.
---
**Summary:**
* Disclose the foreign shares and capital gains in Schedule FA.
* For tax liability, consider the taxable capital gains as per Income Tax law, not just book profit.
If you want, I can help you with the exact format or example entries for Schedule FA. Would you like that?
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